Shares of MediciNova Inc (NASDAQ:MNOV) closed sharply higher on Tuesday on hefty volume. Here is why
Trading Data
On Tuesday, MNOV stock surged 44% to $4.42 with more than 17.56 million shares, compared to its average volume of 92k shares. The stock has moved within a range of $3.1100 – 4.6500 after opening trade at $3.13.
New Data about MN-166 (ibudilast) in Glioblastoma Revealed at 26th Annual Meeting of the Society for Neuro-Oncology
Biopharmaceutical Company, MediciNova Inc (NASDAQ:MNOV), announced on November 22, 2021, that their research collaborator, Justin Lathia PhD, Co-Director of the Brain Tumor Research and Therapeutic Development Center of Excellence at Cleveland Clinic Lerner Research Institute, has presented new data about MN-166 (ibudilast) at the 26th Annual Meeting of the Society for Neuro-Oncology (SNO) held November 18 – 21, 2021 in Boston.
The data was gathered from a glioblastoma animal model study. It was a joint effort between MediciNova and Dr. Lathia and Dr. Michael Vogelbaum, Professor of Neurosurgery, Chief of Neurosurgery and Program Leader of the Department of Neuro-Oncology at Moffitt Cancer Center. The data was presented with MN-166 and PD-1 inhibitor combination therapy in GBM pre-clinical models.
Dr. Lathia states that they had identified MN-166, as a brain-penetrant MIF-CD74 interaction inhibitor. It had helped in reducing myeloid-derived suppressor cells (MDSC) generation, while reversing T cell suppressive capacity in-vitro. In MN-166 treated models, reduced monocytic-MDSCs were observed, while CD8+ T cell number and function in the tumor microenvironment increased.
As of now, results look promising, as the MN-166 and PD-1 inhibitor combination treatment significantly extended survival in a GBM orthotopic animal model. It is supporting the theory that targeting MDSCs with a MIF-CD74 blocker sensitizes GBM to anti-PD-1 therapy and improves survival.
Technical Data
MNOV stock is trading above the 20-Day and 50-Day Moving averages of $3.55 and $3.66 respectively. Moreover, the stock is trading above the 200-Day moving average of $4.27. The stock is up 28% in the past week.
